ABN AMRO Bank N.V. Buys Shares of 16,522 Ferrari N.V. $RACE

Key Points

• ABN AMRO Bank acquired 16,522 Ferrari shares during the second quarter, valued at approximately $6.1 million. Other institutional investors also initiated or increased positions in the luxury automaker.
• Analysts maintain a generally positive outlook, with Ferrari receiving a consensus “Moderate Buy” rating and an average price target of $477.15.
• Ferrari exceeded quarterly expectations, reporting $2.99 in earnings per share and $2.21 billion in revenue, with revenue rising 8.4% year over year.

ABN AMRO Bank N.V. bought a new stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 16,522 shares of the company's stock, valued at approximately $6,109,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of RACE. Fideuram Asset Management Ireland dac bought a new stake in Ferrari during the 4th quarter valued at about $29,000. Entrust Financial LLC bought a new position in Ferrari in the 4th quarter worth about $33,000. Bamco Inc. NY increased its position in shares of Ferrari by 790.9% during the fourth quarter. Bamco Inc. NY now owns 98 shares of the company's stock worth $36,000 after acquiring an additional 87 shares during the period. Bellevue Asset Management LLC purchased a new position in shares of Ferrari during the first quarter worth approximately $34,000. Finally, Horizon Investments LLC raised its stake in shares of Ferrari by 33.3% during the third quarter. Horizon Investments LLC now owns 104 shares of the company's stock valued at $50,000 after acquiring an additional 26 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Citigroup reissued a "neutral" rating on shares of Ferrari in a research note on Monday, August 3rd. UBS Group decreased their target price on Ferrari from $497.00 to $490.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Wolfe Research started coverage on Ferrari in a report on Tuesday, July 7th. They issued an "outperform" rating for the company. Needham & Company LLC raised Ferrari to a "neutral" rating in a research report on Friday, July 31st. Finally, Sanford C. Bernstein raised their price target on Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Ferrari currently has a consensus rating of "Moderate Buy" and a consensus price target of $477.15.

Ferrari Stock Performance

Shares of NYSE:RACE opened at $414.46 on Friday. The firm has a 50 day moving average of $377.84 and a 200 day moving average of $357.16. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $96.96 billion, a price-to-earnings ratio of 38.48, a price-to-earnings-growth ratio of 3.57 and a beta of 0.91. Ferrari N.V. has a 52 week low of $312.51 and a 52 week high of $504.49.

Ferrari (NYSE:RACE - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The business had revenue of $2.21 billion for the quarter, compared to analysts' expectations of $2.14 billion. During the same quarter last year, the firm earned $2.38 EPS. The business's revenue for the quarter was up 8.4% on a year-over-year basis. On average, sell-side analysts predict that Ferrari N.V. will post 11.18 earnings per share for the current fiscal year.

Ferrari Company Profile

Ferrari N.V. NYSE: RACE is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company's core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.

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